Finance Toolkit 1 My business stage test

Answer the following questions below to discover your business stage.
Good luck with the test!

But first … some food for thougth !

→ Very important: You have to be extremely honest about your business strengths and weaknesses, about your vision and finally about the market solutions you are providing. Only in this way you will be able to understand where your business is (maturity stage) and what you need (best available financial tools) to develop your green business.

→ Albert Einstein once said, “If I were given one hour to save the planet, I would spend 59 minutes defining the problem and one minute resolving it.” While that may sound extreme, it does highlight the importance of defining problems. It also hints at some interesting facts: a well-defined problem often contains its own solution within it, and that solution is usually quite obvious and straightforward. By defining problems properly, you make them easier to solve, which means saving time, money and resources. So, properly answer to the following questions:

Get started!

    1. Are you already able to clearly describe the market problems or needs that are you addressing thanks to your strong business solution? (1/12)

     

    2. Can you clearly describe the solution you propose to solve such problems? (2/12)

     

    3. Have you tested, validated and checked your business idea with potential customers and/or other stakeholders? (3/12)

     

    4. Are you able to fully define, describe and segment your customers by at least two of these criteria: educational background, social class, age, gender, geographical aspects, attitude towards environment...? (4/12)

     

    5. Are you already using key established metrics to measure your business performance (number of clients, expected incomes, sales margins, etc.)? (5/12)

     

    6. Do you have a profitable product already selling on the market? (6/12)

     

    7. Can you provide the balance between cost structure and revenue streams, the market demand (willingness to pay for the products and services), and your burn rate? (7/12)

     

    8. Is your company profitable yet? (8/12)

     

    9. Are you already operating under a register official number? Do you have a legal status? (9/12)

     

    10. Is your team complete, already established and regularly working with you? (10/12)

     

    11. Do you have an established products portfolio you are selling to customers? (11/12)

     

    12. Have you already decided on which markets to expand to in the future? Do you already know what does the future of sector look like and you can duly justify your choice accordingly? (12/12)